SEATTLE \u2014 Warning that Seattle\u2019s economy is at a \u201cfragile moment,\u201d Mayor Katie Wilson has ordered the creation of a new task force aimed at helping businesses \u201cstart, stay and grow\u201d in the city as leaders grapple with layoffs, empty offices and a shifting regional growth picture.<\/p>\n
\u201cWe are in a fragile moment,\u201d Wilson said.<\/p>\n
Wilson signed an executive order directing a task force to recommend ways to strengthen the city\u2019s economy and build what she has described as a \u201cresilient Seattle economy.\u201d The effort is expected to unfold over a year, though the plan\u2019s price tag and funding source remain unclear, including whether businesses could be asked to help pay for it.<\/p>\n
RELATED | Seattle Mayor says new public safety plan to be announced soon amidst heightened concerns<\/a><\/p>\n \u201cWhen we can no longer take that unstoppable growth for granted, and we must work together to find new ways to build a more resilient economy moving forward,\u201d Wilson said.<\/p>\n The executive order comes as the city faces visible economic headwinds, including tech layoffs, office vacancies, boarded-up storefronts and growth shifting to Bellevue and other areas. It also follows an independent economic assessment that praised Seattle as a \u201csuperstar innovation hub\u201d but raised concerns about the city\u2019s readiness to capitalize on the moment.<\/p>\n Ryan Donahue, with Formation, an economic development consulting organization, said Seattle is \u201ceconomically far better positioned in the medium term than I think most people recognize and Institutionally less well equipped to take advantage of this moment.\u201d<\/p>\n Donahue said the city\u2019s growth cannot rely solely on attracting high-paid workers from outside the region, which can further drive up housing costs. \u201cBut the math really only works in the end if all of that is paired with real efforts to include workers and entrepreneurs from Seattle in the industries that are driving the next wave of growth,\u201d Donahue said.<\/p>\n